SEAN, came into the world in 1967. In 1 994, the United States created its own alliance called the North American Free Trade Agreement (NONFAT). Globalization, which is the rapid growth of international trade, supports the global economy and delivers the market that operates with maximum efficiency.
The concept Of trading Blocs changed the world’s economy. By creating the European Union, OPEC, SEAN, and NONFAT the control of global economic interdependence became balanced. The most successful regional bloc is the European Union.It is made up of preventatives from the nations of France, West Germany, Italy, the Netherlands, Belgium, and Luxemburg. These nations entered the union by singing the Treaty of Rome.
In this union, 11 members adopted the currency of the Euro in 1999. This allowed them to have a common market and free trade. In 2012, the European Union received the Nobel Peace prize for maintaining peace for 6 decades. The Organization of Petroleum Exporting Countries was established in 1960 to raise oil prices. OPEC included the oil-producing states of Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela.
The main focus of OPEC was to make sure that they received a fair price for all of their oil exports. This contributed to the global recession and debt crisis. The members of OPEC demonstrated how their alliance could gain control over the world and its financial system. The nations of Indonesia, Malaysia, the Philippines, Singapore, and Thailand created the Association of South East Asian Nations (SEAN) in 1967. This created goals to promote economic growth, social and cultural development, and a balance of power in Southeast Asia.
Since this began during the Vietnam War, it supported the U. S. Effort to prevent the communist take over of South Vietnam. In 1992, the members agreed to establish a free-trade zone and cut tariffs on industrial goods. Aside from the United States having the largest economy in the world; it still saw the need to become involved in the regional trade alliance system.
In 1994, with support from Canada and Mexico, the United States created the North American Free Trade Agreement, also known as NONFAT.